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UKOG Uk Oil & Gas Plc

0.065
0.0075 (13.04%)
Last Updated: 10:13:39
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Uk Oil & Gas Plc LSE:UKOG London Ordinary Share GB00BS3D4G58 ORD GBP0.000001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0075 13.04% 0.065 0.06 0.07 0.065 0.0575 0.0575 31,577,434 10:13:39
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 1.78M -4.87M -0.0015 -0.40 1.95M

UK Oil & Gas PLC Broadford Bridge Planning Extension (4629S)

09/07/2020 7:00am

UK Regulatory


Uk Oil & Gas (LSE:UKOG)
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TIDMUKOG

RNS Number : 4629S

UK Oil & Gas PLC

09 July 2020

UK Oil & Gas PLC

("UKOG" or the "Company")

Broadford Bridge Kimmeridge oil discovery granted 24-month Planning Extension

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that West Sussex County Council's ("WSCC's") Planning Committee have approved, by a significant 10-1 majority vote, a 2 year planning permission extension to its Broadford Bridge-1/1z ("BB-1") Kimmeridge oil discovery, located in licence PEDL234 (UKOG 100%). The planning extension, which was recommended by WSCC's planning officer, will expire on 31 March 2022.

In order to confirm the decision to further sidetrack and test BB-1, UKOG will use the extension period to evaluate future Kimmeridge well and test results, which are planned by both the Company and other operators before March 2022.

Stephen Sanderson, UKOG's Chief Executive, commented:

"The Kimmeridge play, where UKOG holds industry leading knowledge and an unrivalled acreage position within the sweet spot, remains of primary Company interest. This extension will enable us to incorporate key future well and test information into our understanding of this new play before any further appraisal of our BB-1 Kimmeridge discovery."

Qualified Person's Statement

Matt Cartwright, UKOG's Commercial Director, who has 37 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.

For further information please contact:

 
 UK Oil & Gas PLC 
 Stephen Sanderson / Kiran Morzaria     Tel: 01483 941493 
 WH Ireland Ltd (Nominated Adviser 
  and Broker) 
 James Joyce / James Sinclair-Ford      Tel: 020 7220 1666 
 Cenkos Securities PLC (Joint Broker) 
 Joe Nally / Neil McDonald              Tel: 020 7397 8919 
 Novum Securities (Joint Broker) 
 John Belliss                           Tel: 020 7399 9400 
 Communications 
 Brian Alexander                        Tel: 01483 941493 
 

UKOG Licence Interests

The Company has interests in the following UK licences:

 
Asset                      Licence      UKOG         Licence        Operator      Area          Status 
                                       Interest       Holder                       (km 
                                                                                   (2) 
                                                                                    ) 
                                                                                           Field currently 
                                                    UKOG (GB)      IGas Energy                temporarily 
 Avington (1)              PEDL070       5%          Limited           Plc        18.3          shut in 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                                                               BB-1/1z 
                                                                                            oil discovery, 
                                                                                               Loxley-1 
Broadford Bridge/Loxley                            UKOG (234)      UKOG (234)                gas appraisal 
 (2, 3, 8)                 PEDL234      100%         Ltd (4)         Ltd (4)      300.0          well 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                                                              Finalising 
                                                                                               new site 
                                                                                               selection 
                                                                                               to drill 
                                                                                               Portland 
                                                                                            and Kimmeridge 
A24 (3)                    PEDL143      67.5%         UKOG          UKOG (7)      91.8         prospects 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                    UKOG (GB)      IGas Energy                 Field in 
Horndean (1)                PL211        10%         Limited           Plc        27.3     stable production 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                   Horse Hill      Horse Hill 
Horse Hill                                         Developments    Developments                Field in 
 (1)                       PEDL137     85.635%         Ltd             Ltd        99.3     stable production 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                   Horse Hill      Horse Hill 
Horse Hill                                         Developments    Developments                Field in 
 (1)                       PEDL246     85.635%         Ltd             Ltd        43.6     stable production 
------------------------             ----------  --------------  --------------  ------  ------------------- 
                                                                                               Planning 
                                                                                              Application 
                                                                                               submitted 
                                                                                              for Arreton 
                                                                                             oil appraisal 
                                                                                            well, Godshill 
Isle of Wight                                                                                 exploration 
 (Onshore) (2,                                                                                application 
 3)                        PEDL331       95%          UKOG            UKOG        200.0         pending 
------------------------             ----------  --------------  --------------  ------  ------------------- 
 

Notes:

   1.   Oil field currently in stable production. 
   2.   Oil discovery pending development and/or appraisal drilling. 
   3.   Exploration asset with drillable prospects and leads. 

4. Contains the significant undeveloped Loxley Portland gas discovery (delineated by Godley Bridge-1 and Alfold-1 discoveries), the Broadford Bridge-1/1z Kimmeridge oil discovery, plus further undrilled Kimmeridge and Portland exploration prospects.

   5.   Portland and Kimmeridge oil field in stable oil production 
   6.   UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246. 
   7.   OGA consent received for the transfer of operatorship from Europa to UKOG 

8. Significant Portland gas discovery pending appraisal drilling with significant underlying Kimmeridge potential

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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July 09, 2020 02:00 ET (06:00 GMT)

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